Wednesday, January 21, 2009

S&P cuts Whirlpool to one notch above 'junk'

NEW YORK, Jan 20 (Reuters) - Standard & Poor's on Tuesday cut ratings on Whirlpool Corp (WHR.N) to one notch above speculative, or "junk" status and said it expects demand for home appliances to fall sharply in 2009.

The agency cut the company's corporate credit rating by one notch to "BBB-minus" and said the outlook is stable.

Whirlpool had about $3 billion of debt at end September.

The action "reflects Whirlpool's weakened operating performance and weaker-than-expected credit measures," S&P said in a statement.

PRISON RADIO

The River Goes By - Philip Bassett

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BANCO online archive

Rev. Edward Pinkney - How BANCO Started:

"Many years ago I was going about my life believing that the justice system was just that until I started going to the court house to observe all the wrong convictions. There are numerous factors for wrongful convictions in the Berrien County court system. Most of the problems are in the local judicial system."

"It's hard to believe that in the year 2012 we have a county in Michigan with a legal system this antiquated and racist. What's harder to believe is that no one at the State or National level is taking any action to remedy the situation."

"We cannot run society for the privileged and allow a significant proportion of the population to be marginalized. It impacts the quality of life for all of us. If we have throwaway people, a justice system which tolerates injustice is doomed to collapse. I am truly ready for action."